Bit Digital, a Nasdaq-listed cryptocurrency-focused firm, has announced plans to bolster its Ethereum treasury through a direct share offering. The company aims to raise approximately $67.3 million by issuing 22 million ordinary shares to institutional investors.
Each share is priced at $3.06, with B. Riley Securities serving as the exclusive placement agent for the transaction. The offering is expected to close on or around July 15.
As per the firm’s press release, “The Company intends to use the net proceeds from the proposed offering to purchase Ethereum.”
Last week, the firm disclosed it had fully converted its bitcoin holdings into ether. As of July 7, the firm held around 100,603 ETH, worth around $300 million at current market prices.
In the last month, the company raised $150 million by issuing 75 million shares for $2 each. This move was taken to support its change of shifting the company’s focus from BTC to ETH.
Founded as a crypto infrastructure provider, Bit Digital operates across validator services, institutional-grade custody, and yield optimization. It began accumulating and staking Ethereum in 2022 as part of its evolving digital asset strategy.
In a filing with the U.S. The Securities and Exchange Commission (SEC) released on Monday, reported preliminary second-quarter revenue estimates ranging between $24.3 million and $26.9 million.
Bit Digital, Inc. (BTBT) closed at $3.29 on July 15, down 1.20% for the day, with an after-hours price of $3.20 reflecting a further 2.73% drop. The stock’s 52-week range stands between $1.66 and $5.74, with a market cap of approximately $932.81 million.
Ethereum is trading at around $2,978, giving it a market cap of $359 billion. Interestingly, a crypto whale recently snapped up $111 million worth of ETH over just three days and is already sitting on nearly $10 million in unrealized gains.
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